Trina Solar announced it had a slowdown in the third quarter due to poor performance in traditional markets, but shipments to India grew substantially and accounted for nearly 30 percent of its total shipments.
Primarily, the quarter was weak due to oversupply and increasing inventory levels of modules in the market, as well as weak demand in China following a strong first half of the year as developers rushed to place orders prior to a subsidy policy adjustment.
Net revenues for the third quarter 2016 stand at $741.1 million, compared with $961.6 million in the second quarter of 2016 and $792.6 million in the third quarter of 2015. The net revenues include $60.6 million in revenues from electricity generated by the Company’s operational downstream solar power projects.
Total module shipments were 1,361.2 MW, compared with 1,658.3 MW in the second quarter of 2016, and 1,703.2 MW in the third quarter of 2015.
Jifan Gao, chairman and CEO of Trina Solar, said, “Despite the headwinds, we were pleased that we were able to maintain our leading position in the U.S. and achieve record shipments to Europe.”
“On the downstream business side, we connected 26.0 MW of projects in China, of which 24.6 MW were DG projects. We will continue to execute our strategic initiatives to develop our downstream business in a prudent manner,” Gao said.
“We remain committed to pushing the technological boundary and commercializing high-efficiency cells. Recently, our R&D team set a world record of 19.86 percent aperture efficiency for our high-efficiency ‘Honey Plus’ multicrystalline silicon modules. This achievement brought the total number of world records that we have set to 14,” he added.
As of September 30, 2016, the Company had the following annualized in-house manufacturing capacities:
- Ingot production capacity of approximately 2.3 GW;
- Wafer capacity of approximately 1.8 GW;
- PV cell capacity of approximately 5.0 GW; and
- PV module capacity of approximately 6.0 GW
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In the third quarter of 2016, the Company connected a total of 26.0 MW of PV projects to the grid in China, including 1.4 MW of utility projects and 24.6 MW of DG projects.
As of September 30, 2016, the Company had a total of 1,302.8 MW downstream solar projects in grid-connected operation, including 1,267.6 MW in China, 4.2 MW in the U.S., and 31.0 MW in Europe.
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Rajani Baburajan